XML 22 R6.htm IDEA: XBRL DOCUMENT v3.23.4
Label Element Value
PARNASSUS FUNDS | Parnassus Mid Cap Growth Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Parnassus Mid Cap Growth Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock
The Parnassus Mid Cap Growth Fund has the overall investment objective of capital appreciation.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock
This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Parnassus Mid Cap Growth Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (%) (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination May 1, 2024
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock
The Parnassus Mid Cap Growth Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 58.1% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 58.10%
Expense Footnotes [Text Block] rr_ExpenseFootnotesTextBlock
For additional information about the Parnassus Mid Cap Growth Fund’s expenses, please see “Financial Highlights” in the prospectus.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock
This example is intended to help you compare the cost of investing in the Parnassus Mid Cap Growth Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, and that the Fund’s operating expenses
remain the same. Although your actual costs may be higher or lower, under these assumptions, your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock
The Parnassus Mid Cap Growth Fund normally invests at least 80% of its net assets (plus borrowings for investment purposes) in mid-sized growth companies. The Fund considers a mid-sized company to be one that has a market capitalization between that of the smallest and largest constituents of the Russell Midcap® Growth Index (which was between $2.9 billion and $46.5 billion as of May 31, 2022) measured at the time of purchase. The Fund will not automatically sell or cease to purchase stock of a company it already owns just because the company’s market capitalization grows or falls outside the ranges of the Russell Midcap® Growth Index, which are subject to change. The Fund may normally invest up to 20% of its net assets in smaller-and larger-capitalization companies. A growth company is a company that the Adviser believes has a superior and pragmatic growth strategy and the potential for above-average revenue and earnings growth. The Fund invests mainly in domestic stocks of companies that are financially sound and have good prospects for the future, and to a lesser extent may also invest in foreign securities of similar companies. The Fund may purchase foreign securities directly on
foreign markets. The Fund applies a fossil-fuel free investment strategy, meaning that it does not invest in companies that derive significant revenues from the extraction, exploration, production or refining of fossil fuels. Pursuant to the strategy, the Fund may invest in companies that use fossil fuel-based energy to power their operations or for other purposes. The Fund defines “significant revenues” as being 10% or greater. To determine a company’s prospects, the Fund’s investment adviser, Parnassus Investments, LLC (the “Adviser”) reviews the company’s income statement, cash flow statement and balance sheet, and analyzes the company’s sustainable strategic advantage and management team. The Adviser also takes environmental, social and governance (“ESG”) factors into account in making investment decisions, as discussed in more detail in the prospectus. The Fund will sell a security if the Adviser believes a company’s fundamentals will deteriorate, if it believes a company’s stock has little potential for appreciation or if the company no longer meets the Adviser’s ESG expectations.
Risk [Heading] rr_RiskHeading Principal Risks
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance Information
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock
The bar chart and table that follow contain information that allows you to evaluate the Parnassus Mid Cap Growth Fund’s performance using several measures, such as yearly changes in performance, best and worst quarterly returns, and average annual total returns before and after taxes compared to a broad measure of market performance. The bar chart shows the performance of the Fund’s Investor Shares, and the performance of the Fund’s Institutional Shares will differ from those shown to the extent that the classes of shares do not have the same expenses or inception date. How the Fund performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future. Updated performance information is available on the Fund’s website, www.parnassus.com, or by calling toll-free at (800) 999-3505.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart and table that follow contain information that allows you to evaluate the Parnassus Mid Cap Growth Fund’s performance using several measures, such as yearly changes in performance, best and worst quarterly returns, and average annual total returns before and after taxes compared to a broad measure of market performance.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone (800) 999-3505
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.parnassus.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture How the Fund performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Annual Total Returns (%)
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock
During the ten-year period shown in the bar chart, the highest return for a quarter was 25.8% (quarter ended June 30, 2020), and the lowest return for a quarter was a loss of 21.9% (quarter ended June 30, 2022).
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns (%) (all periods ended December 31, 2022)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate The after-tax returns are calculated using the historical highest individual stated federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown for Investor Shares only. After-tax returns for Institutional Shares will vary.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock
Following is a table comparing the performance of the Parnassus Mid Cap Growth Fund’s two share classes with that of the Russell Midcap® Growth Index. Figures are average annual returns for the one-, five-and ten-year periods ended December 31, 2022. The table is intended to demonstrate the risk of investing in the Parnassus Mid Cap Growth Fund by showing how the Fund’s average annual total returns, before and after taxes, compare with a broad measure of market performance, the Russell
Midcap® Growth Index, and also how the Fund’s performance varies from year to year.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock
The after-tax returns are calculated using the historical highest individual stated federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s individual tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares. After-tax returns are shown for Investor Shares only. After-tax returns for Institutional Shares will vary.
Parnassus Mid Cap Growth Fund—Institutional Shares were incepted on April 30, 2015. Performance shown prior to the inception of the Institutional Shares reflects the performance of the Parnassus Mid Cap Growth Fund—Investor Shares and includes expenses that are not applicable to and are higher than those of the Institutional Shares.
PARNASSUS FUNDS | Parnassus Mid Cap Growth Fund | Risk Lose Money [Member]  
Risk/Return: rr_RiskReturnAbstract  
Risk [Text Block] rr_RiskTextBlock You could lose money investing in the Fund.
PARNASSUS FUNDS | Parnassus Mid Cap Growth Fund | Risk Not Insured Depository Institution [Member]  
Risk/Return: rr_RiskReturnAbstract  
Risk [Text Block] rr_RiskTextBlock Investments in the Fund are not deposits, endorsements or guarantees of any bank and are not insured by the Federal Deposit Insurance Corporation or any other government agency.
PARNASSUS FUNDS | Parnassus Mid Cap Growth Fund | Stock Market Risk [Member]  
Risk/Return: rr_RiskReturnAbstract  
Risk [Text Block] rr_RiskTextBlock
 
Stock Market Risk. The Fund invests in common stocks, whose prices fluctuate in response to the fortunes of individual companies and in response to general market and economic conditions both in the U.S. and abroad. In the past decade, financial markets throughout the world have experienced increased volatility, decreased liquidity and heightened uncertainty. Risks associated with rising inflation, trade tensions, the war between Russia and Ukraine, the United Kingdom’s departure from the European Union (“Brexit”), and the impact of epidemic and pandemic diseases, such as COVID‑19. Additionally, risks associated with volatility and disruptions in the banking sector (including bank failures), interest rate increases, political events, rising government debt in the U.S. and the possibility of a national or global recession
   
could affect the economies of many nations, including the United States, in ways that cannot be foreseen at the present time, and may adversely impact the markets in which the Fund invests. The Fund’s holdings can vary significantly from broad stock market indices.
PARNASSUS FUNDS | Parnassus Mid Cap Growth Fund | Equity Securities Risk [Member]  
Risk/Return: rr_RiskReturnAbstract  
Risk [Text Block] rr_RiskTextBlock
 
Equity Securities Risk. The Fund may invest in equity securities including common stocks, which include the common stock of any class or series of domestic or foreign corporations or any similar equity interest, such as a trust or partnership interest. The value of the equity securities held by the Fund may fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, or facts relating to specific companies in which the Fund invests. These investments may or may not pay dividends and may or may not carry voting rights. Common stock occupies the most junior position in a company’s capital structure.
PARNASSUS FUNDS | Parnassus Mid Cap Growth Fund | Growth Investing Risk [Member]  
Risk/Return: rr_RiskReturnAbstract  
Risk [Text Block] rr_RiskTextBlock
 
Growth Investing Risk. The Adviser may be wrong in its assessment of a company’s potential for growth and the growth stocks the Fund holds may not grow as the Adviser anticipates. Finally, there are periods when investing in growth stocks falls out of favor with investors and these stocks may underperform.
PARNASSUS FUNDS | Parnassus Mid Cap Growth Fund | Small and Mid Capitalization Company Risk [Member]  
Risk/Return: rr_RiskReturnAbstract  
Risk [Text Block] rr_RiskTextBlock
 
Small- and Mid-Capitalization Company Risk. The Fund invests primarily in mid-capitalization companies, and may also invest in small-capitalization companies, both of which can be particularly sensitive to changing economic conditions since they do not have the financial resources or the well-established businesses of large-capitalization companies. Relative to the stocks of large-capitalization companies, the stocks of small- and mid-capitalization companies are often thinly traded, and purchases and sales may result in higher transaction costs. Also, small-capitalization companies tend to perform poorly during times of economic stress.
PARNASSUS FUNDS | Parnassus Mid Cap Growth Fund | Management Risk [Member]  
Risk/Return: rr_RiskReturnAbstract  
Risk [Text Block] rr_RiskTextBlock
 
Management Risk. The investment process used by the Adviser to select securities for the Fund’s investment portfolio may not prove effective, and the Adviser’s judgments about the attractiveness, value and potential appreciation of the Fund’s investments may prove to be incorrect in that the investments chosen by the Adviser may not perform as anticipated. Certain risks are inherent in the ownership of any security, and there is no assurance that the Fund’s investment objective will be achieved.
PARNASSUS FUNDS | Parnassus Mid Cap Growth Fund | Environmental Social and Governance ESG Investing Risk [Member]  
Risk/Return: rr_RiskReturnAbstract  
Risk [Text Block] rr_RiskTextBlock
 
Environmental, Social, and Governance (ESG) Investing Risk. ESG investing risk is the risk stemming from the environmental, social, and governance factors that the Fund applies in selecting securities. The Fund intends to screen out companies that do not meet its ESG expectations. This may affect the Fund’s exposure to certain companies or industries and cause the Fund to forego certain investment opportunities. The Fund’s returns may be lower than other funds that do not seek to invest in companies based on ESG screens.
PARNASSUS FUNDS | Parnassus Mid Cap Growth Fund | Fossil Fuel Free Investing Considerations Risk [Member]  
Risk/Return: rr_RiskReturnAbstract  
Risk [Text Block] rr_RiskTextBlock
 
Fossil-Fuel Free Investing Considerations Risk: Pursuing a fossil-fuel free investment strategy may limit the number of investment opportunities available to the Fund, and as a result, at times, the Fund may underperform funds that are not subject to similar investment considerations. For example, the Fund may exclude fossil-fuel related investments when other considerations would suggest that investing in such securities would be advantageous. The Fund may also underperform funds that invest in the energy and utilities sectors, particularly in times of rising oil, gas and energy prices.
PARNASSUS FUNDS | Parnassus Mid Cap Growth Fund | Foreign Securities Risk [Member]  
Risk/Return: rr_RiskReturnAbstract  
Risk [Text Block] rr_RiskTextBlock
 
Foreign Securities Risk. The Fund may invest up to 20% of its assets in foreign securities. Foreign markets can be more volatile and less liquid than the U.S. market due to increased risks of adverse issuer, political, regulatory, market or economic developments and can perform differently from the U.S. market. Policy and legislative changes in foreign countries and other events affecting global markets, such as international conflicts and wars, COVID-19 and Brexit, may contribute to decreased liquidity and increased volatility in the financial markets. Further, foreign companies may be subject to significantly higher levels of taxation than U.S. companies, including potentially confiscatory levels of taxation, thereby reducing the earnings potential of such foreign companies. Substantial withholding taxes may also apply to distributions from foreign companies.
PARNASSUS FUNDS | Parnassus Mid Cap Growth Fund | American Depositary Receipts ADR Risk [Member]  
Risk/Return: rr_RiskReturnAbstract  
Risk [Text Block] rr_RiskTextBlock
 
American Depositary Receipts (ADR) Risk. ADRs are receipts, issued by depository banks in the United States, for shares of a foreign-based company that entitle the holder to dividends and capital gains on the underlying security. ADRs may be sponsored or unsponsored. In a sponsored ADR arrangement, the foreign issuer assumes the obligation to pay some or all of the depositary’s transaction fees. Under an unsponsored ADR arrangement, the foreign issuer
   
assumes no obligations and the depositary’s transaction fees are paid directly by the ADR holders. In addition to the risks of investing in foreign securities, there is no guarantee that an ADR issuer will continue to offer a particular ADR. As a result, the Fund may have difficulty selling the ADR or selling them quickly and efficiently at the prices at which they have been valued. The issuers of unsponsored ADRs are not obligated to disclose information that is considered material in the U.S. and voting rights with respect to the deposited securities are not passed through. ADRs may not track the prices of the underlying foreign securities on which they are based, and their values may change materially at times when U.S. markets are not open for trading.
PARNASSUS FUNDS | Parnassus Mid Cap Growth Fund | Real Estate Investment Trust REIT Risk [Member]  
Risk/Return: rr_RiskReturnAbstract  
Risk [Text Block] rr_RiskTextBlock
 
Real Estate Investment Trust (REIT) Risk. Investing in REITs involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. REITs may be affected by changes in the value of the underlying property owned by the REITs, while mortgage REITs may be affected by the quality of any credit extended. REITs are dependent upon management skills, may not be diversified geographically or by property/mortgage asset type, and are subject to heavy cash flow dependency, default by borrowers and self-liquidation. REITs may be more volatile and/or more illiquid than other types of equity securities. REITs (especially mortgage REITs) are subject to interest rate risks. REITs may incur significant amounts of leverage. The Fund will indirectly bear a portion of the expenses, including management fees, paid by each REIT in which it invests, in addition to the expenses of the Fund. REITs must also meet certain requirements under the Internal Revenue Code of 1986, as amended (the “Code”) to avoid entity level tax and be eligible to pass-through certain tax attributes of their income to shareholders. REITs are consequently subject to the risk of failing to meet these requirements for favorable tax treatment and of failing to maintain their exemptions from registration under the Investment Company Act of 1940. REITs are subject to the risks of changes in the Code affecting their tax status.
PARNASSUS FUNDS | Parnassus Mid Cap Growth Fund | Tax Law Change Risk [Member]  
Risk/Return: rr_RiskReturnAbstract  
Risk [Text Block] rr_RiskTextBlock
 
Tax Law Change Risk: All statements contained in this prospectus regarding the U.S. federal income tax consequences of an investment in the Fund are based on current law, which is subject to change at
   
any time, potentially with retroactive effect. For example, tax legislation enacted in 2017 (the Tax Cuts and Jobs Act) resulted in fundamental changes to the Internal Revenue Code (some of which are set to expire in the next few years). More recently, the Inflation Reduction Act of 2022 will add a 15% alternative minimum tax on large corporations and a 1% excise tax on repurchases of stock by publicly traded corporations and certain affiliates. The excise tax on repurchases of stock may cause some corporations in which the Fund invests to reduce liquidity opportunities for its investors, which could potentially reduce the value of your investment in the Fund. Such legislation, as well as possible future U.S. tax legislation and administrative guidance, could materially affect the tax consequences of your investment in the Fund and the Fund’s investments or holding structures.
PARNASSUS FUNDS | Parnassus Mid Cap Growth Fund | Investor Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.62%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Service Fees rr_Component1OtherExpensesOverAssets 0.10%
All Remaining Other Expenses rr_Component2OtherExpensesOverAssets 0.08%
Other Expenses rr_OtherExpensesOverAssets 0.18%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.80%
Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets none
Total Annual Fund Operating Expenses After Expense Reimbursement rr_NetExpensesOverAssets 0.80% [1]
1 Year rr_ExpenseExampleYear01 $ 82
3 Years rr_ExpenseExampleYear03 255
5 Years rr_ExpenseExampleYear05 444
10 Years rr_ExpenseExampleYear10 $ 990
2013 rr_AnnualReturn2013 34.22%
2014 rr_AnnualReturn2014 14.68%
2015 rr_AnnualReturn2015 0.26%
2016 rr_AnnualReturn2016 13.46%
2017 rr_AnnualReturn2017 16.08%
2018 rr_AnnualReturn2018 (9.73%)
2019 rr_AnnualReturn2019 29.82%
2020 rr_AnnualReturn2020 28.61%
2021 rr_AnnualReturn2021 9.37%
2022 rr_AnnualReturn2022 (33.52%)
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2020
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 25.80%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Jun. 30, 2022
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (21.90%)
One Year rr_AverageAnnualReturnYear01 (33.52%)
Five Years rr_AverageAnnualReturnYear05 1.85%
Ten Years rr_AverageAnnualReturnYear10 8.34%
PARNASSUS FUNDS | Parnassus Mid Cap Growth Fund | Institutional Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.62%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Service Fees rr_Component1OtherExpensesOverAssets none
All Remaining Other Expenses rr_Component2OtherExpensesOverAssets 0.08%
Other Expenses rr_OtherExpensesOverAssets 0.08%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.70%
Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 0.02%
Total Annual Fund Operating Expenses After Expense Reimbursement rr_NetExpensesOverAssets 0.68% [1]
1 Year rr_ExpenseExampleYear01 $ 69
3 Years rr_ExpenseExampleYear03 222
5 Years rr_ExpenseExampleYear05 388
10 Years rr_ExpenseExampleYear10 $ 869
One Year rr_AverageAnnualReturnYear01 (33.45%)
Five Years rr_AverageAnnualReturnYear05 1.99%
Ten Years rr_AverageAnnualReturnYear10 8.45%
Inception Date rr_AverageAnnualReturnInceptionDate Apr. 30, 2015
PARNASSUS FUNDS | Parnassus Mid Cap Growth Fund | Return After Taxes on Distributions | Investor Shares  
Risk/Return: rr_RiskReturnAbstract  
One Year rr_AverageAnnualReturnYear01 (33.71%)
Five Years rr_AverageAnnualReturnYear05 0.69%
Ten Years rr_AverageAnnualReturnYear10 6.21%
PARNASSUS FUNDS | Parnassus Mid Cap Growth Fund | Return After Taxes on Distributions and Sale of Fund Shares | Investor Shares  
Risk/Return: rr_RiskReturnAbstract  
One Year rr_AverageAnnualReturnYear01 (19.70%)
Five Years rr_AverageAnnualReturnYear05 1.43%
Ten Years rr_AverageAnnualReturnYear10 6.30%
PARNASSUS FUNDS | Parnassus Mid Cap Growth Fund | Russell Midcap® Growth Index (reflects no deduction for fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
One Year rr_AverageAnnualReturnYear01 (26.72%)
Five Years rr_AverageAnnualReturnYear05 7.64%
Ten Years rr_AverageAnnualReturnYear10 11.41%
[1] The investment adviser has contractually agreed to reduce its investment advisory fee to the extent necessary to limit total annual fund operating expenses to 0.80% of net assets for the Parnassus Mid Cap Growth Fund—Investor Shares and to 0.68% of net assets for the Parnassus Mid Cap Growth Fund—Institutional Shares. This agreement will not be terminated prior to May 1, 2024 and may be continued indefinitely by the investment adviser on a year-to-year basis.